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Last week, the Los Angeles Harbor Commission adopted a fiscal-year 2012-13 budget of $954.1 million for the Port of Los Angeles, a 2.3 percent decrease compared with the FY2011-12 budget.
To take effect July 1, the new budget reflects conservative estimates of relatively flat operating revenue and controlled operating expenses aligned with financial priorities adopted in a 2012-17 strategic plan, port officials said in a prepared statement.
The budget anticipates operating revenue of $398.6 million, about the same level as the current fiscal year, and a 4 percent increase in total estimated expenditures.
“Our goals are to sharpen our competitive edge, build on strong relationships with our employees and partners, and fine-tune our financial practices to maintain the port’s position in a dynamic global economy,” said Geraldine Knatz, the port’s executive director.
The commission approved a capital budget of $285.7 million, which includes $132 million to develop projects at existing terminals and $80.4 million for transportation improvements. The budget also includes $16.1 million for “green” programs and initiatives, such as clean-air measures.
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